Bharti-MTN locked in talks on tie-up

NEW DELHI: India's Bharti Airtel and South Africa's MTN Group once again extended exclusive talks aimed at creating the world's third-largest mobile firm, frustrating investors and raising concerns the deal structure was too complex to succeed.

In separate statements, Bharti and MTN said discussions to merge their operations were progressing satisfactorily, though no decision had been taken on a deal which would create a firm with over 200 million subscribers.

Both firms agreed to extend talks to Sept 30, after previously extending discussions by one month to Aug 31, as they negotiate a $23 billion complex cash and share swap deal aimed at an eventual full merger.